“Golden Fleece” in the new history of Georgian cryptocurrency

Georgia has confidently taken its place in the top three world leaders in cryptocurrency mining. The volume of mined digital assets in the country is second only to China and the United States. The mild climate on the coast and in official cryptocurrency policy is conducive to the rapid development of the crypto industry.

Cheap electricity and a free business environment attract miners from all over the world. It is not surprising that Georgian enthusiasts managed to implement the idea of ​​​​creating a large mining farm using 100% green energy from hydroelectric power stations in the territory of Colchis on the Black Sea coast. 

Vakhtang Gogokhia, the author of the idea and his partners have already opened data centers in Tbilisi, Kutaisi and the Kakheti region using blockchain technology. The 29-year-old financier, like the ancient Greek mythical heroes, went to Colchis to mine “21st century gold,” a digital currency. 

The Golden Fleece project was created to launch a 20mW Datacenter, with capacity increases in the future, to remain competitive and profitable. The computing power was planned to be divided, offering operations with a portfolio of 50% Ethereum, 10% ZurCoin, 10% DASH, 10% Zcash, and 20% Bitcoin. 

The team believed that such a wide range of assets would provide an opportunity to compensate for market volatility. To create such a powerful farm with an area of ​​5,000 square meters, $50 million was needed. To raise the amount, a crowdsale was launched on August 15, 2017. During the ICO, investors were offered 100 million GFL unique Golden Fleece tokens issued on the Waves platform. 1 Golden Fleece token represents 1 share in the company with a par value of 1 US dollar. Since the beginning of 2018, the company has been developing and increased its daily turnover to $100 thousand.

Since September, the GFL token has been listed on yoBit in the GFL/BTC pair. The price of the coins began to show a growing trend and GFL suddenly rose to the top 35 of the exchange. Today the rate is $0.00505029 or 0.0000008 BTC.